Alessandra
Fri Jun 07 2024
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7 answers
1570
What is the $3000 rule?｜Rule. .The requirement that financial institutions verify and record the identity of each cash purchaser of money orders and bank, cashier's, and traveler's checks in excess of $3,000
Could you please elaborate on the "$3000 rule"? I'm interested in understanding the specifics of this regulation. It seems to involve financial institutions being required to verify and document the identity of individuals purchasing money orders, cashier's checks, or traveler's checks that exceed the threshold of $3,000. Could you explain the purpose of this rule? Is it intended to combat fraud or money laundering? And how does it work in practice? Are there any exceptions to this rule? Thank you for your assistance in clarifying this matter.
